Innodata (NASDAQ:INOD) Shares Gap Down - What's Next?

Key Points

• Innodata's stock price gapped down from a previous close of $69.43 to open at $65.59 and last traded at $66.10, with a trading volume of 635,055 shares.
• Despite the decrease in stock price, BWS Financial maintains a "buy" rating with a price target of $74.00, along with a consensus average rating of "Buy" and a target price of $63.00 from analysts.
• Innodata reported a 79.7% increase in revenue year-over-year, achieving $58.39 million in the last quarter, along with an EPS of $0.20, surpassing estimates of $0.11.

Innodata Inc. (NASDAQ:INOD - Get Free Report)'s stock price gapped down prior to trading on Thursday . The stock had previously closed at $69.43, but opened at $65.59. Innodata shares last traded at $66.10, with a volume of 635,055 shares.

Wall Street Analysts Forecast Growth

Separately, BWS Financial reiterated a "buy" rating and issued a $74.00 price target on shares of Innodata in a report on Monday, June 16th. Four research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus target price of $63.00.

Innodata Stock Performance

The firm has a market cap of $2.14 billion, a PE ratio of 54.07 and a beta of 2.58. The company has a quick ratio of 2.87, a current ratio of 2.87 and a debt-to-equity ratio of 0.09. The company has a 50-day simple moving average of $48.54 and a two-hundred day simple moving average of $43.73.

Innodata (NASDAQ:INOD - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The technology company reported $0.20 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.11 by $0.09. The firm had revenue of $58.39 million during the quarter, compared to the consensus estimate of $56.35 million. Innodata had a return on equity of 54.27% and a net margin of 18.71%.The company's revenue for the quarter was up 79.7% compared to the same quarter last year. As a group, equities research analysts forecast that Innodata Inc. will post 0.81 earnings per share for the current year.

Hedge Funds Weigh In On Innodata

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Farther Finance Advisors LLC bought a new stake in Innodata during the second quarter worth about $36,000. Creative Financial Designs Inc. ADV bought a new position in Innodata during the 1st quarter valued at approximately $29,000. Toth Financial Advisory Corp boosted its stake in Innodata by 40.2% during the 2nd quarter. Toth Financial Advisory Corp now owns 1,150 shares of the technology company's stock valued at $59,000 after purchasing an additional 330 shares during the last quarter. KBC Group NV purchased a new stake in Innodata during the 1st quarter valued at $52,000. Finally, Pinnacle Investment Management Ltd purchased a new position in shares of Innodata in the 2nd quarter worth $77,000. 30.75% of the stock is currently owned by hedge funds and other institutional investors.

Innodata Company Profile

Innodata Inc operates as a global data engineering company in the United States, the United Kingdom, the Netherlands, Canada, and internationally. The company operates through three segments: Digital Data Solutions (DDS), Synodex, and Agility. The DDS segment engages in the provision of artificial intelligence (AI) data preparation services; collecting or creating training data; annotating training data; and training AI algorithms for its customers, as well as AI model deployment and integration services.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.